3.76 million complaints about financial services firms

Complaints about payment protection insurance (PPI) drove a 13% increase in the number of complaints made to financial services firms in the second half of 2017, the FCA found.

During the second half of 2017 a total of 3.76 million complaints were received, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for more than four years.

In January 2018 firms paid out £415.8m in redress to customers who complained about payment protection insurance (PPI). This is the highest figure since March 2016 and takes the amount paid since January 2011 to £30bn.

Christopher Woolard, executive director of strategy and competition said: “Having set a deadline for PPI complaints, we are encouraging consumers to decide whether they want to claim, and if they do, to make their complaint as soon as possible, as many already have.

“We are continuing to monitor and challenge all firms to ensure they maintain the expected standards and are delivering on their commitments to make it easy for people to complain about PPI.

“When PPI is taken out of the mix, the numbers of complaints firms are receiving has remained stable. Firms should be doing all they can to reduce complaints and ensure they are treating customers fairly.”

Excluding PPI the number of complaints received by firms was 2.21 million, around 13,000 fewer than the previous six months.

After PPI, the next most complained about products are current accounts, with 509,047 complaints and then credit cards with 314,586 complaints.